Chinese Hedge Fund Responds to Investor Ire After 34% Loss (Bloomberg)
Chinese asset manager Loyal Valley Capital Co. responded to pushback from clients who lost a third of their money on a product last year, as the 70 billion yuan ($11 billion) manager became the latest target of investor ire. One of the firm’s hedge funds allegedly deviated from its theme of tech- and consumer-stocks, while repeated requests for dialogue with fund manager and founder Lin Lijun were rejected as losses mounted, local media reported, citing a letter from an unnamed group of investors addressed to the nation’s securities regulators.
GameStop, Cathie Wood, Jobs Friday – 5 Things You Must Know (The Street)
GameStop shares march higher on NFT plans, Cathie Wood‘s ARK Innovation fund gets slammed by tech’s about-face, and Wall Street awaits December’s jobs report. Here are five things you must know for Friday January 7: 1. – Stocks Point to Higher Open Ahead of Jobs Report: U.S. stock futures were pointing to a slightly higher open early Friday morning ahead of a key U.S. employment report that is expected to show additional job growth in December, despite the surging omicron variant.
Friends With Ties to Boards of Designer Brands, Albertsons Charged in Insider Trading Ring (The Wall Street Journal)
WASHINGTON — Three friends tapped family ties to the boards of public companies including Designer Brands Inc. and Albertsons Cos. to get tips that gained them at least $4 million in illicit trading profits, according to law-enforcement officials. Two of the men – hedge-fund manager Kris Bortnovsky and fintech entrepreneur Ryan Shapiro – were indicted Thursday in Boston and charged with securities fraud and conspiracy. The third trader, David Schottenstein, agreed to plead guilty to conspiracy to commit securities fraud, according to court records.
The EVP & Group President of Navient (NASDAQ: NAVI) is Selling Shares (Analyst Ratings)
On January 5, the EVP & Group President of Navient (NAVI), John M. Kane, sold shares of NAVI for $439K. Based on Navient’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $514 million and quarterly net profit of $173 million.
This Insider Has Just Sold Shares In Verastem, Inc. (NASDAQ:VSTM) (Nasdaq.com)
We note that the Verastem, Inc. (NASDAQ:VSTM) CEO & Director, Brian Stuglik, recently sold US$53k worth of stock for US$2.05 per share. However we note that the sale only shrunk their holding by 2.2%. The Last 12 Months Of Insider Transactions At Verastem: Notably, that recent sale by Brian Stuglik is the biggest insider sale of Verastem shares that we’ve seen in the last year. So what is clear is that an insider saw fit to sell at around the current price of US$1.93. We generally don’t like to see insider selling, but the lower the sale price, the more it concerns us. In this case, the big sale took place at around the current price, so it’s not too bad (but it’s still not a positive).
The EVP HR of Incyte (NASDAQ: INCY) is Selling Shares (Analyst Ratings)
On January 5, the EVP HR of Incyte (INCY), Paula Swain, sold shares of INCY for $684.6K. In addition to Paula Swain, one other INCY executive reported Sell trades in the last month. Based on Incyte’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $813 million and quarterly net profit of $182 million.
